Retiring with Only Social Security Income
Plan to retire?
47% of workers rely on Social Security as their primary retirement income. The average benefit for a retired worker in 2020 is $1,500 a month. Now those with only Social Security income depend on creativity, community, frugality, and often, the generosity of others. If that’s you and you know that money will be tight, keep your job and start saving now. Fund an emergency account, and contribute to a 401k, a health savings account, or a Roth IRA. Research the advantages of taking your Social Security benefit early or waiting until later. Careful planning is the key.
For help setting up your financial plan, download our Money Map at crown.org.